Foley & Lardner LLP acted as legal counsel to CELLINK AB (CELLINK), the leading bioconvergence company in the world, in its acquisition of microscopy and imaging company Discover Echo. In a deal valued at $110 million, CELLINK will acquire all outstanding shares of the company on a cash- and debt-free basis, under the assumption that the working capital at closing equals the normalized working capital.
Discover Echo, which has 50 employees, is an innovative and revolutionary American company focusing on the development, manufacturing, and sales of patented and unique hybrid microscopes that easily transform between Upright and Inverted configurations, merging the capabilities of multiple instruments into one. It will continue as a standalone company.
CELLINK provides technologies, products, and services to create, understand and master biology. Discover Echo stands to complement CELLINK’s product offering through its innovative microscopy products used in academics and industrial laboratories. Discover Echo has significant growth potential through CELLINK’s vast network of researchers, including biopharma companies, academic institutions and hospitals.
The Foley team was led by partner Gabor Garai and included senior counsel Christopher Bourne, special counsel Alexander Ravski and associate Shannon Lins. This is the fourth transaction in which Foley has counseled CELLINK.